Is It Realistic for a Recent College Grad to Afford Moving to Lake View Chicago?

Moving to Lake View, Chicago, can be a dream for many recent college graduates due to its vibrant community and unique amenities. However, the cost of living in this desirable neighborhood can often create financial challenges. In this article, we will explore the various factors to consider, providing insights to help you decide whether it's realistic for a recent college graduate to afford living in Lake View.

Factors to Consider in Lake View Chicago

Cost of Living

Cost of living is a significant factor when living in Lake View, as it includes rent, utilities, transportation, groceries, and dining.

Rent

Lake View is famous for its bustling community, and this often correlates with higher rental prices. As of 2023, the average one-bedroom apartment in Lake View typically costs between $1,800 and $2,500 per month, depending on the location and amenities. Rent for a larger apartment might be even higher.

Utilities

In addition to rent, utilities such as electricity, heating, cooling, water, and garbage can add another $100 to $200 per month to your expenses.

Transportation

Public transportation in Chicago is accessible, but owning a car can be more convenient. Consider factors like parking fees and insurance. Both options have their costs, so weigh the pros and cons based on your lifestyle.

Groceries and Dining

The cost of groceries and dining out is generally higher in urban areas. Managing your budget effectively can help you stay within your means.

Income Considerations

Starting salaries for recent graduates can vary widely, but many new professionals can expect to earn between $50,000 and $70,000 annually, depending on their field. To ensure you can afford living in Lake View, it’s crucial to carefully calculate your budget based on your expected income and expenses.

Budgeting Tips for Recent College Graduates

Here are some practical tips to help you manage your finances and make your move to Lake View more affordable:

Roommates

Sharing an apartment can significantly reduce your costs. Look for opportunities to share a one-bedroom apartment with a roommate or even find a 2-bedroom apartment to share with one or two other roommates.

Look for Deals and Incentives

Some landlords may offer incentives for signing a lease, such as furnishing the apartment or providing utility credits. Take advantage of these opportunities to save money.

Explore Different Areas

While Lake View is desirable, nearby neighborhoods may offer more affordable options. Consider exploring other areas to find a balance between cost and convenience.

Realistic Expectations

While it is possible for a recent college grad to afford living in Lake View, it requires careful budgeting and possibly sharing living expenses. If affordability is a significant concern, consider exploring other neighborhoods with lower rents.

Finally, the key to a successful move to Lake View is to plan ahead, set a realistic budget, and be open to sharing living expenses. With careful planning, the dream of living in this vibrant neighborhood can become a reality for many recent graduates.